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Which of the following statements is incorrect? In order for an asset to be reported on the balance sheet, it must be owned or controlled

Which of the following statements is incorrect?

In order for an asset to be reported on the balance sheet, it must be owned or controlled by the company and be expected to provide future benefits.

Revenue is recognized when the company has done what it is obligated to do under the sales contract

Assets are reported on the balance sheet at their current market value.

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